WAEC Book Keeping 2025 Theory — Question 13

Question 13 of 40 from the West African Examinations Council (WAEC) Book Keeping 2025 Theory paper, with the correct answer and a full explanation.

Explain the term 'depreciation'.

Model answer

The gradual and permanent reduction in the value of a tangible fixed asset over its useful life, usually charged as an expense in the profit and loss account.

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